Paytm is a very popular mobile payment service that has changed the way of payment and the world of paying at the cash counters. With the use of Paytm, now there is no need to use a credit card or debit card. All you need is just to take your mobile phone, open the Paytm app or website and follow the necessary steps to make the desired payment.
Here in this article, we will explain in detail, how you can transfer money from a Paytm wallet to a bank account. Before this, we will give an overview of what is Paytm wallet and how to use it.
What is Paytm Wallet
As mentioned above Paytm is a mobile payment service that gives smartphone users to make payments at any place without any contact or use of credit/debit cards or any cash. In addition to making various transactions like doing online shopping, recharging mobile, recharging DTH, booking moving tickets, and more, it is also possible to transfer money to your friends and relatives.
With the help of Paytm, you can make payments anytime and anywhere. Paytm wallet is like a virtual credit or debit card.
So in short you can take advantage of the following services by using Paytm wallet
- Pay at any shop or store.
- Book online movie tickets, Train tickets, Flights
- Recharge Mobiles, DTH
- Pay electricity bills, Book Gas Cylinders
- Pay Credit Card Bills
- Transfer money to your friends or relatives on their Paytm account or on any bank account.
How to create an account on Paytm and Use it
Before transferring money from Paytm to any bank account, you must have an account on Paytm for which you have to follow the below steps:
- You need to download the Paytm app from Google Play Store(for Android) or App Store(for iPhone).
- After downloading the Paytm app, open it, and then you will see the ‘Login to Paytm’ option on the top left side.
- Under this option, there are two further options i.e ‘Login’ or ‘Create a New Account.
- Choose the ‘Create a New account’ option.
- Click on the blue ‘Proceed Securely’ button after entering your Mobile Number.
- You will receive an OTP on your mobile number, which you have to Confirm after entering a specific field.
- Now your account with Paytm will be created and you can use it for any online transactions by adding and linking your bank account.
Steps to transfer money from Paytm to a bank account
Paytm came into the limelight after the Demonetization in India in the year 2016. By having an account on Paytm you don’t have any need to keep the cash with you. Whether you want to send money to some, do online recharge or want to do online shopping then all these things can be done instantly using Paytm wallet. Paytm has now incorporated with many major banks in India and anyone having an account on Paytm can easily transfer money from his Paytm wallet to any of these banks.
Follow the below steps to transfer money from Paytm to a bank account
- Open the Paytm app on your Mobile Phone.
- On the Home screen, you will see an option ‘Send Money to Bank A/C’
- After clicking on the above option, you will see many other options on the next screen, like ‘To Own Account’, ‘To Mobile Number’, ‘To Bank Account’,’To UPI ID’
- From these options, you have to choose the ‘To Bank Account’ option.
- In the next window, you will see the ‘Enter Bank Account No./UPI ID’ field under the ‘Sent Money to Bank Account’ heading.
- If you want to send money to any UPI ID, then enter UPI ID in this field, otherwise enter the Bank account number on which you want to send the money, and then Tap on the ‘Proceed’ option.
- Now you have to mention the amount that you want to transfer to the bank account.
- In the final step you will have to enter the UPI PIN and then click on the ‘Confirm’ button.
- Once you click on the ‘Confirm’ button, then money will be instantly transferred to the mentioned bank account.